Brown-Forman (BFB) investor relations material

Opening remarks and agenda

• Meeting opened with a welcome to attendees in Louisville and virtually, emphasizing the code of conduct and forward-looking statements.

• The meeting followed a structured agenda, including welcome, report on notice and quorum, proposals and vote results, executive remarks, and a brand experience session.

• Formal agenda included election of 11 directors, advisory vote on executive compensation, and ratification of the independent auditor.

• Voting was limited to registered Class A stockholders as of June 9, 2026, with legal proxies required.

Board and executive committee updates

• All 11 director nominees were elected with at least 92% approval.

• Lawson Whiting announced his retirement as President and CEO, pending appointment of a successor.

• Director nominees included Campbell P. Brown, Eliza M. Brown, Mark A. Clouse, Marshall B. Farrer (Chairman), W. Austin Musselman Jr., Michael J. Roney, Jan E. Singer, Tracy L. Skeans, Elizabeth A. Smith, Michael A. Todman, and Lawson E. Whiting.

• Board and executive leadership were recognized for their stewardship and commitment.

Financial performance review

• Fiscal 2026 organic net sales declined by 2%, with operating income down 2% and SG&A expenses up 7% compared to the prior year.

• Free cash flow reached a record $893M, the highest in company history.

• $827 million returned to shareholders via dividends and share repurchases.

• Jack Daniel's Tennessee Whiskey organic net sales declined 4% year-over-year, while Woodford Reserve organic net sales grew 4%.

• Market share increased in the U.S. and developed European markets despite industry downturn.